The survey of 356 manufacturers revealed that optimism about general business conditions deteriorated marginally, while domestic orders were largely unchanged on the quarter. Output growth slowed somewhat, but remained well above the long-run average.

In contrast, optimism regarding export prospects for the year ahead continued to improve at an above-average pace, while export orders growth accelerated at the fastest pace in more than 20 years. Meanwhile, inventories of raw materials rose at the fastest pace since 1977.